Spotting Credit Repair Scams

Having a bad credit score can be very discouraging. While it can be tempting to want to believe a company that says it can repair your credit score quickly, the fact is, no firm can actually deliver on this promise. If you’re approached by a credit repair company, the State of Connecticut, Office of the Attorney General recommends contacting your local Better Business Bureau, your state or local consumer affairs agency, and your state Attorney General to verify that the business is legitimate and no complaints have been filed against it.

Signs of a Credit Repair Scam

The Federal Trade Commission advises you to watch out for the following warning signs of a credit repair scam:

Requesting Upfront Payment: The FTC states that, under the Credit Repair Organizations Act, a credit repair company cannot make you pay until it has completed all guaranteed services. If a company tries to get you to make a payment before it has actually taken any steps to repair your credit, take this as a major red flag that it is trying to scam you.

Asking You Not to Contact Credit Bureaus: Regardless of the reasons given to support this request, if the company asks you not to directly contact the three major credit bureaus — Equifax, Experian and TransUnion — it is trying to take advantage of you.

Advising You to Dispute Everything: If the company tells you to dispute every charge on your credit report, this is a clear sign of dishonesty. You’re aware that you need to dispute any incorrect charges, but if you know certain charges are indeed accurate, then it’s illegal — not to mention dishonest — to dispute them.

Telling You to Provide False Information: Any company that would tell you to provide false information on a loan request is definitely a credit repair scam. A legitimate business would never advise you to give false information on anything, ever.

No Mention of Legal Rights: A company that doesn’t advise you of your legal rights in its sales pitch doesn’t have your best interests in mind. Legitimate companies want their customers to be fully aware of their rights before agreeing to work with them, so if this business doesn’t explain the terms of the agreement to you, it's trying to hide something.

Offering to Change or Erase Information: If the company tells you it can change or erase negative information from your credit report, this is a lie, as no one has the power to do this.

Suggesting that You Create a New Credit Identity: Credit repair companies trying to scam you may suggest creating a new credit identity, thus generating a new credit report, by applying for an Employer Identification Number (EIN) instead of a Social Security number. This is not legal and a legitimate company would never advise you to do this.

If you’re afraid you’ve already been victimized by a credit repair scam, the FTC advises you to report it to your local or state law enforcement officials, as many states have laws in place regarding credit repair companies.

Safe & Secure

Your Sensitive Information Is Safe With Us

Who We Are & What We Do

In a down economy, struggling to make ends meet between paydays is an unfortunate way of life for many households. If you find yourself in this position, you might be wondering what the best option is to help you resolve your financial problems. Well, wonder no more, for the answer is simple: a signature loan.

To request a signature loan through our website, you just need to take about five minutes to complete a simple online request. We will then send out your request to our network of lenders and lending partners to find one who is willing to make your loan.

Customer Notice: A signature loan is an online installment loan with loan sizes between $1,000 and $35,000. A signature loan can be a great option for those customers looking to borrow money for a wedding, home improvement, or family vacation. The online process is designed with customer convenience in mind.

Legal Disclaimer: SignatureLoan.com's Terms & Conditions and Privacy Policy apply to the use of this website and its services. SignatureLoan.com connects borrowers with lenders or lending partners and the specific terms and conditions of the specific lender or lending partner will apply to any loan a borrower takes out. SignatureLoan is compensated by these lenders or lending partners for connecting you with them, and the compensation received may affect which offer you are presented with. Any display of APR, loan amounts, interest or other loan details are only estimations, and actual amounts will vary by borrower and by lender or lending partner. Please note that some lenders or lending partners may perform credit checks as part of their credit transaction approval process.

Availability: Every state has its own set of rules and regulations that govern signature loan lenders, and loans may not be available in all states. Your loan amount, APR and repayment term will vary based on your credit worthiness, state and lender or lending partner.

THE OWNERS AND OPERATORS OF THIS WEBSITE ARE NOT LENDERS, they do not broker loans or make credit decisions, and nothing on this website is an offer or a solicitation to lend. SignatureLoan.com only helps borrowers find lenders or lending partners for signature loans. SignatureLoan.com's mission is to inform users of possible lenders or lending partners who may be able to satisfy the needs of a particular consumer. Any information you submit to this site will be provided to a lender or lending partner. The operator of this website is not an agent or representative of any lender or lending partner and does not charge you for any service or product.